I know I should go to a different forum to ask this but...(help needed)
 

...i don't really want to, i like GFY...so GFY:winkwink:

anyways..I'm looking into buying a house. It's a foreclosure and it's selling for less than the house is worth. My question is: Do banks give loans for more than what the asking price of the house is? For example, if the asking price was 200k and the house was worth 300k, Would the bank give me 275k if I wanted it.

I know it's not a normal GFY topic, but i'd rather talk with people here than at some bank forum, if there even is any.

Any help would be appreciated, Thanks!:helpme

If you can get it appraised for an amount, you might be able to get a good percentage of the appraisal value.

I just refinanced my house for the appraised value, which was much more than what I purchased it for 3 years ago. I got the loan for 80% of the new value, which paid off the old loan and put a bunch of cash in my hand.

Now, this was a refinance, I don't know how tough it would be to do that with a new purchase, you need to talk to your broker.

If you're looking into buying a house, good time to talk to a Mortgage Banker or broker. He or she will have the best answer to your question. :winkwink:

Talk to a few diff loan officers or mortage bankers and get their opinions.

Yeah c'mon, talk to someone who has a clue, we still haven't showered, changed, eaten and are almost all mostly naked here. Some of us have already spilled food on ourselves.

:1orglaugh :1orglaugh Guilty... but it was coffee.

yeah, that is what I was hoping they would do..i know they do that with refinances all the time, im just hoping they do it with a new purchases too. i dont see why they wouldn't, but who knows.

:1orglaugh

go talk to a broker

pasta sauce on my shirt

but i am clothed